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European stocks tumble on Greek default concerns; Dax down 1.18%

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TurboForex - European stocks were sharply lower on Monday, as mounting concerns over a potential Greek default weighed heavily on equity markets and as investors eyed a speech by European Central Bank President Mario Draghi due later in the day.

European equities were hit after talks in Brussels between Greece and European Union representatives failed to reach an agreement on pension reforms, budget targets and tax rates, adding to fears over a debt default that would threaten Greece’s future in the euro zone.

Europe wants Greece to make spending cuts worth €2 billion, to secure a deal that will unlock additional funds before its bailout expires at the end of June and it must repay €1.6 billion to the International Monetary Fund.

EU officials blamed the collapse in talks on Greece, saying it had failed to offer any new reforms to secure the funding it needs.

Investors were looking ahead to a meeting of euro zone finance ministers on Thursday, which was being seen as Greece's last chance to strike a deal.

International Airlines Group (LONDON:ICAG) was also on the downside, with shares tumbling 1.59% after founder of Virgin Atlantic Richard Branson said last week that it would be "absolutely wrong" if IAG was allowed to buy Aer Lingus (IR:AERL), adding that it would weaken competition in the U.K.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.25% fall, S&P 500 futures signaled a 0.23% loss, while the Nasdaq 100 futures indicated a 0.28% decline.

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